The growth of Russian economy in 2010 will be 3.9 percent of recent estimates show Bank of America. This is an upward revision from the previous forecast of 2.4 to increase the country’s GDP. The new estimate is based on higher fuel prices, which are among the main export goods to Moscow, and the government provided incentives. For the second quarter of this year the country reported the largest decrease in its gross domestic product – 10.9% annually after the first quarter the economy shrank by 9.5%. In July, the IMF forecast economic growth of Russia with 1.5 percent for next year and a decline of 6.5 percent for this.
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The Bank of America, the largest lender in the U.S., is facing 10 percent jump in bad loans to $ 7.6 billion in its balance sheet for the second quarter, according to a report of Credit Suisse, cited by Bloomberg. Bad debts include $ 1.9 billion related to residential mortgages, and approximately 10.4% of credit card loans will be written off, according to the report analyzer Moshe Orenbuh. In the first quarter of 2009, Bank of America credits deleted $ 6.9 billion. Bank of America is first in U.S. assets and deposits will take into account one hundred 32-share profit for the quarter, including $ 5.2 billion profit before tax from the sale of its share in China Construction Bank.
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